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Global Cannabis Value Expected To Keep Growing As North America Dominates The Market

PR Newswire

According to data compiled by Genesis Market Insights, the global marijuana market was valued at USD 17.18 Billion in 2017 and is projected to reach USD 58.90 Billion during the forecast period of 2018 to 2023.

The main driver for the market is the widespread legalization of recreational and medical cannabis. The medical segment is used to treat conditions ranging from Alzheimer's to chronic pain, while the recreational market has been booming due to the recent surge in CBD-infused products.

Currently, the North American region holds the largest market shares for the industry and is also projected to be the fastest growing market. The U.S. and Canada control the majority of the global cannabis market, but unlike Canada, the U.S. has not legalized cannabis nationwide.

The cannabis market is positioned for strong growth pending further market legalization. Although, only two countries have legalized cannabis nationwide: Canada and Uruguay. The U.S. currently has 9 states and the District of Columbia that have legalized cannabis for both medical and recreational usage, but multiple other states are now in the process of beginning to legalize it. According to Forbes, California, Colorado and Washington State are the biggest players, driving in almost USD 5 Billion last year. "The industry is at about 5 percent of what it will be someday," concurs Tyler Stratford, director of client operations for cannabis consulting firm Canna Advisors. "Even if the path forward isn't straight, we're certainly on a path forward. The tide has changed, and there's no turning it back now."